Ethereum’s current uptrend remains strong, suggesting it may attempt a new rally to $1,800

The price of Ethereum against the US dollar is retracing losses after breaking over a resistance level at $1,750. As it trades over the $1,680 resistance level, ETH looks poised to begin a new uptrend.

Near $1,747, a peak was formed, and just recently, a retracement of those gains has begun. The price dropped below the $1,720 support level. Even more significantly, it traded very close to the 50% Fibonacci retracement level of the significant rise from the $1,640 swing low to the $1,747 high.

Above $1,680, though, buyers become more active. Recently, Ether has been trading above the 100-hourly Simple Moving Average and $1,690. On the hourly chart, ETH/USD is meeting resistance near $1,705, which is part of a connected bearish trend line.

Upside resistance could be found at $1,700 and the trend line. The next barrier is located about $1,710. If the price manages to close higher than $1,710, it might head toward the $1,750 area. Ethereum may test the $1,800 barrier level if there is a sustained advance above $1,750. If prices continue to rise, they may test the $1,850 barrier.

The Ethereum price may continue to fall if it is unable to break below the $1,710 resistance level. The first floor for losses is close to $1,690. To begin with, there is solid support not far from $1,680, which corresponds to the 61.8% Fibonacci retracement level of the significant rise from the $1,640 swing low to the $1,747 high.

The area around $1,665 represents the next significant support. A further drop to $1,620 is possible if the price breaks down below $1,665. If losses continue, the price might approach the $1,540 level.

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